Splash hikes stake in Barrio Fiesta Mfg

MANILA, Philippines - Splash Corp., a manufacturer of skin whitening soap and other personal care products, has decided to increase by another three percent its stake in condiments and canned goods producer Barrio Fiesta Manufacturing Corp.

Splash said it will spend P14 million for additional shares in its food manufacturing unit.

In August 2011, Splash bought 5.28 million shares or an 80-percent stake of Barrio Fiesta Manufacturing for P472 million from Bonifacio E. Ongpauco Jr. and his children.

 Barrio Fiesta Manufacturing is the food manufacturing arm of Barrio Fiesta, which offers a number of food products that have been staples in Filipino households for over 50 years, from sautéed shrimp paste to ready-to-eat canned meals, sauces such as white vinegar, fish sauce, soy sauce and lechon sauce, to fruit preserves and other condiments.

In September, the beauty and personal care products manufacturer spent P33 million to acquire 100 percent of Moondish Foods Corp., which pioneered the first ready-to-eat “laing or taro leaves in coconut cream in can.”

Splash sharply cut its capital spending to P66 million this year from P294.8 million in 2012 and P426 million in 2011.

Of the capital expenditures this year, Splash will take up P23 million while subsidiary Splash Foods Corp. will account for P35.2 million.

Prime Global Distribution Co., its direct selling business that allows the distribution of cosmetics and fragrances through its dealers and business partners, will spend P7.4 million.

In the nine months to September, the company’s profits sank to P15.12 million from P66.625 million in the previous year as cost of goods and services increased.

Splash, which is consistently in the top 300 Philippine corporations since 1998, carries the brands Extraderm, Maxi-Peel, Skin White and Bioskin, one of the fastest-growing skin care brands in the country.